Rane Sells Prime Velachery Land for ₹361 Cr to Prestige-Arihant JV, Retains Portion for New Office

Rane (Madras) Ltd, part of the Chennai-based Rane Group, has sold a 3.48-acre land parcel in Velachery, Chennai, for ₹361.18 crore. The buyer is Canopy Living LLP, a joint venture of Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd.

The transaction was disclosed on Friday through a regulatory filing. The sold land is part of a larger 4.5 acres owned by Rane (Madras) in the rapidly developing area of Velachery, and the company will retain the remaining land to build a new integrated city office.

Rane (Madras) said that the deal is part of a broader strategy to leverage some of the non-core assets. “This land monetisation will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long-term cost synergies of the merger,” the company noted in its statement.

The buyer duo – Prestige Group, a leading pan-India real estate developer, and Arihant Foundations, a Chennai-based realty firm – are taking deeper strides into the southern market. The acquisition at the site indicates that the consortium continues to build upon urban pockets with high potential like Velachery, which are witnessing rising residential and commercial demand due to easy connectivity and ever-increasing infrastructure.

Rane (Madras) Ltd., the flagship company of the Rane Group manufacturing Steering and Suspension Systems, is one of the oldest and most respected auto-component manufacturers in India. The land sale is occurring when several legacy companies are realigning real estate holdings to align with operational efficiency and financial restructuring.

With this move, Rane aims not only to bring down its debt but also to unify its operations under a modern, centrally located office space. The redevelopment of the retained portion is expected to begin soon.